The financial sector is experiencing a barrage of cyberattacks and the number of attacks is only increasing with time. The increasing risk has now become a concern for financial institutions and governments.
Cyberattacks on the financial sector
Diverse cyberattacks, aimed at different geographic locations, have been launched against major financial institutions around the world recently.
The most targeted regions were North and South America, Western Europe, and Southern Asia.
- The attackers were observed using ransomware, such as LockBit, along with other malware identified as BrazKing, SolarMarker, Gootloader, and Mirrorblast to target financial entities.
- Additionally, some of the known (Redcurl) and new (Void Balaur) threat groups were identified as well.
- One of the most common and frequent attack vectors was phishing, followed by social engineering. In some instances, attackers exploited ATM flaws to withdraw cash.
Additional insights
- According to a report, some major companies, including financial institutes, were found vulnerable to Magecart attacks. At least one of the top five enterprises in the finance sector was found exposed or abused.
- Additionally, some data breach incidents impacted Robinhood (7 million customers), Anthem (VillageHealth program enrollees), and Debt-IN (more than a million individuals).
Conclusion
Cyberattacks on the financial sector are expected to rise and therefore financial services firms are strongly recommended to strengthen their defenses with adequate security hygiene, implement robust patch management systems, and use reliable anti-malware solutions.
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